Add The New York Post on Google Long Island homeowners looking to cash in have never had it better, even as sellers everywhere else are getting squeezed.
New data from Redfin shows the New York City suburbs are swimming against a national tide that has turned hard against sellers.
Redfin found 39 of the 50 biggest metros in America are now buyer’s markets, meaning house hunters from Miami to Houston are finally catching a break after years of getting outbid.
But Long Island just got crowned the single strongest seller’s market anywhere in the country, bucking that trend completely. The reason: big demand for being near Manhattan.
Nassau and Suffolk counties are seeing 36.2% fewer sellers than buyers, an imbalance so severe it dwarfs every other market Redfin tracked.
Northern New Jersey landed at No. 2 nationally with a 20.7% buyer surplus, while Central Jersey rounded out the top five at 12.9%.
It’s a split screen. While sellers nationally are cutting prices and waiting out longer days on market, three of the only six true seller’s markets left in the country happen to surround Manhattan.
Even the city itself is merely “balanced,” with 5.3% more sellers than buyers, according to Redfin, which makes the suburban numbers even starker by comparison.
Redfin agent Sandra Glaser, who works the Long Island market, said homes priced right don’t sit for long, a sharp contrast to what agents are describing in most of the country right now.
“I’m seeing multi-generational buyers looking to purchase single-family homes so they can live with their families,” Glaser said.
She’s watched a wave of buyers flee Queens in search of bigger backyards without giving up their commute into Manhattan. One listing she has on the South Shore, a three-bedroom, two-bath fixer-upper, started drawing calls before the open house even happened.
“I initially tested this property below the price that other homes in the neighborhood have been selling for because it needs work. It’s in a great area but it has been neglected,” Glaser said.
She’s since fielded five offers and expects a sixth any day. The open house pulled dozens of lookers, she said.
“At the open house, we had dozens of people show up to see the house. I’m sure we will be able to sell it quickly,” Glaser said.
It’s not just about square footage. Glaser said Long Island still sells a lifestyle that’s tough to find close to the five boroughs.
“People want to be in a neighborhood where their children can ride bikes, play outside, and not have to worry about much. Everybody here looks out for their neighbors. There is a real sense of community,” Glaser said.
One couple she worked with toured more than 50 homes and lost multiple bidding wars before finally landing a four-bedroom in Wantagh. The offer got accepted the same day their baby was born.
Across the Hudson, the picture is more nuanced, but sellers still have leverage that’s disappeared elsewhere. Redfin agent Natasha Bartolomeo said it depends heavily on what you’re shopping for.
“If you’re looking for a super-desirable single-family home in the suburbs, it’s a seller’s market. But if you’re looking for a condo in Jersey City or surrounding towns close to Newark, there is more inventory,” Bartolomeo said.
She’s seeing transplants arrive from as far as Los Angeles chasing relative affordability without sacrificing proximity to the city. A three-bedroom townhouse she listed in Newark got two offers and sold for thousands over ask.
“It offers a good balance between accessibility to the city and having more space. You don’t have to sacrifice anything here. You can be in a place that has so much available to you,” Bartolomeo said.
Her advice to sellers hoping to cash in while the window is open is simple: don’t overprice and don’t cut corners on presentation.
“Buyers are looking for move-in ready homes. If buyers see good value in the property, the home will sell,” Bartolomeo said.
Buyers, meanwhile, are being told to come prepared for a fight that most of the country has already stopped having. Redfin recommends getting preapproved, digging into comps beforehand and being ready to pounce the moment a listing hits. Glaser said price sensitivity hasn’t disappeared just because inventory is tight, especially near the million-dollar mark.
“People want move-in conditions, especially if sellers are asking for at or around that $1 million price point. For buyers, it’s important to know what you can afford before you start going out to look at homes,” Glaser said.
